UK based robo advisor has raised £45m in venture financing led by Goldman Sachs.
Nutmeg, the UK’s largest robo-advice company managing more than £1.5bn in assets, plans to use the funding to invest in products and features as well as expand internationally. Martin Stead, chief executive, said the company planned to launch with its partner Convoy, which co-led Nutmeg’s latest funding round, in Hong Kong this year. The group, the UK’s eighth-largest wealth manager, offers automated low-cost investment portfolios to those less able to afford financial advice and has grown rapidly since its launch in 2012 with more than 64,000 customers. But it has yet to turn a profit in the UK, losing £12.4m in its most recent financial year.